EATONTOWN, NJ – TGI Fridays has announced a significant shift in its operations with the sale of eight corporate-owned restaurants in the Northeast to former CEO Ray Blanchette. This move is part of the brand’s ongoing transformation and growth strategy.
The company also disclosed several locations across 12 states, with New Jersey experiencing the highest number of closures at seven, followed by six in Massachusetts and five in New York. These closures are aimed at optimizing the chain’s operations.
Blanchette, with his extensive history and deep understanding of the TGI Fridays brand, is expected to usher these locations into a revitalized phase.
TGI Fridays is executing a transformative strategy. This includes recent leadership changes, with Weldon Spangler stepping in as CEO, Ray Risley as U.S. President and Chief Operating Officer, and Nik Rupp as President, COO of International, and CFO.
Spangler, the new CEO, emphasized the importance of this transformation for the brand’s future, highlighting the goal of advancing and expanding TGI Fridays while maintaining the unique guest experience known as “That Fridays Feeling.”
TGI Fridays is set to close 36 underperforming locations in various U.S. markets in line with its growth strategy. To mitigate the impact on employees, the company offers over 1,000 transfer opportunities to more than 80% of the affected workforce.
Ray Risley, U.S. President and COO, reiterated the brand’s commitment to delivering superior guest experiences. The strategic closure of underperforming stores and strengthening of the franchise model are seen as vital steps towards achieving this goal and driving the brand’s vision forward.
The announcement includes specific locations in New Jersey that are set for closure, encompassing Eatontown, Hackensack, Iselin/Woodbridge, Marlton, Princeton, Springfield, and Wayne Town Center.